French multinational utility ENGIE has agreed to buy the battery storage business of Houston-based Broad Reach Power from its co-investment partners Yorktown Partners, Mercuria Energy, and Appollo Infrastructure Funds.
The total equity value of the transaction, which includes 350 MW of grid-scale battery assets in operation and 880 MW under construction, is expected to exceed $1 billion. A majority of the portfolio is located in ERCOT. The acquisition also includes a 1.7 GW pipeline of battery storage projects at an advanced stage of development and a significant pipeline of early-stage projects.
The transaction does not include the company’s portfolio of 1.8 GW of solar and wind power projects together with 4 GWh of battery storage in the Mountain West region of the U.S.
Founded in 2019 with backing from EnCap Energy Transition, Broad Roach Power sold a 50% stake in the company to Apollo Funds in Dec. 2021.
